The cryptocurrency market is very small, its entire capitalization of almost 4 trillion dollars is fictitious.
I would estimate the real capitalization at 0.26 trillion dollars - like the capitalization of stablecoins, but we must not forget that about 80% of this amount is already frozen in treasuries and it will be very difficult to take them away.
This is a large inflated bubble. But the stock market is already a larger market in terms of capitalization
I respect your point of view, but I disagree that the cryptocurrency market capitalization is illusory and that its real capitalization is estimated at only $0.26 trillion (the capitalization of stablecoins). At least not for Bitcoin.
I know that the cryptocurrency market is highly volatile, and this value could decline at any time due to price declines. However, don't forget that Bitcoin alone represents $2.49 trillion of the total market. Adding the $0.26 trillion in stablecoins would give us at least $2.75 trillion (excluding all altcoins).
It's true that Bitcoin is also volatile, but as you know, in the long term, it has only an upward trend, and its market value is constantly increasing. Even if a correction occurs, I don't expect it to be significant or long-lasting.
If we assume that a few more old wallets will wake up on the market and sell 200-300 thousand bitcoins on exchanges, then the capitalization may fall by 20-40%. The most interesting thing is that the recent wallets that woke up transferred the coins to OTC Galaxy Digital.